TradeProfits

7 winning strategies for Trading Forex – Illegal Copy

Posted on 04. Jan, 2011 by Jakob.

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Some time ago, I wrote a post about a website where you could download a free copy of the book 7 Winning Strategies for Trading Forex, written by Grace Cheng. Now the link to the site was actually one I got from another Forex Trader and I didn’t give it a whole lot of though. So I wrote a blog post about it with a link to that site. It turned out that the ebook is an illegal copy of the real book, and the website owner has no rights to distribute the book. I was contacted by Grace Cheng, and I told her that I would write a post about this to inform my readers about this issue. I have a hard copy of the book, and I urge you to buy a real copy on Amazon if you want this book (which I highly endorse).

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4-star Rated OneCorpFX Now a Scam?

Posted on 11. Nov, 2010 by Jakob.

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Not even a lot of good reviews will give you any guarantee when it comes to choosing the right broker in the world currency trading. OneCorpFx was rated as a 4-star broker over at FPM. A guy called Aladar was unable to access his funds in an account with OneCorpFx and was additionally informed that the money for some reason now was with Boston Technologies Read more... (203 words, estimated 49 secs reading time)

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Jacko’s House of Pleasure and Pain – Mostly Pain

Posted on 23. Sep, 2010 by Jakob.

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A couple of days ago, I was over at the forum of ForexFactory and it seems that there is a new scammer in town. Those of you who have been loyal readers over at the ForexFactory forum probably already know a lot more about this than I do, but I still thought that this is an interesting story to bring up. So this thread “Jacko’s House of Pleasure and Pain”, has been around for ages, and was (as far as I remember) rated a 5-star thread and people were highly positive about this guy Jacko. He spent several years building this thread, giving himself a good name in the ForexFactory community. Now I never really followed this guy or his thread but a lot of people did, and apparently he also had a paid membership blog, and some time ago, he started a privat fund which Jacko was supposed to manage. Now due to his reputation over at ForexFactory, I am sure that a lot of people put a lot of money into this fund, and surprise! Jacko is gone along with all the funds. The thread over at ForexFactory has been downgraded (now only 2- stars! Lol) and there are a lot of unhappy paying customers. I really do hope that the people who lost any money in this scam will somehow be able to get their money back but right now things don’t look too good. This is yet another lesson about this industry filled with scammers – No matter how well you think you know a guy, be careful sending him any of your hard-earned money! Check out the thread here.

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Scam Alert – Dragon Pips

Posted on 27. Aug, 2010 by Jakob.

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This is a perfect example of just how scammy this industry can be. A couple of days ago, the guys over at ForexPeaceArmy posted this story about one of their members who bought an (or actually he bought three) expert advisor named Dragon Pips. According to the Dragon Pips sales page, customers are promised a 90 day guarantee refund period. First of all, the EA did exactly the opposite of what was promised, namely losing money rather than increasing the account balance; same old story about expert advisors. But in addition to this, the refund guarantee was apparently nothing but hot air, as the customer never got his money back. One way you can secure yourself for incidences like this, is to only buy products sold through Clickbank or Plimus. Don’t let the scammers get away with tactics like these. Read the full story here.

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ForexPeaceArmy – New Giant – More Chapters and Sive Morten Outlook

Posted on 29. Jun, 2010 by Jakob.

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There is a lot of news from ForexPeaceArmy and it´s been a while since I wrote about them, so I thought it was about time to give an update. First of all, and probably the most interesting thing is, that they have added another “Giant” to their market outlook section. In the last couple of month, Sive Morten has posted his weekly outlook on the forex market, which has been very detailed and useful for a lot of traders. Now Felix has added another guy to this section, who apparently has “managed some big private and institutional portfolios”. This should be really interesting. I will definitely keep an eye on his upcoming outlooks and write more about them in the future. You can read them here. If you haven’t had a chance to read any outlook from Sive Morten, I recommend you do so now. His analysis for this week is up, with a lot of talk about US macro data that shows decrease in recovery momentum. This is, as always, a good read, and with the NFP coming out this Friday, I definitely recommend you to go through all the details. You can read Sive Morten´s outlook here. Read more... (338 words, estimated 1:21 mins reading time)

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Easy Forex faces Lawsuit from Employee

Posted on 24. Jun, 2010 by Jakob.

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Any other day, this would be a typical story from the world of currency trading. Brokers are being accused with fraud in several different ways, all the time. Easy Forex is a Middle Eastern broker and they have been around for a long time. I signed up with them as one of my very first choices, when I started my journey in the world of forex trading. However, it only took me about 3 days before I closed my account and started a new account with another broker. I found their trading platform to be annoying in all possible ways. Since then I have never really thought about them. Then yesterday I read this blog post from Michael Greenberg over at Forex Magnets. This one guy called “D” claims to have lost somewhere around $125.000 trading through Easy Forex. Now instead of simply filling a lawsuit he decided to approach this in his own unique way; namely by applying for a job at Easy Forex. He got hired and became aware of the way in which Easy Forex operates their business. With this knowledge and multiple voice recordings “D” now filled a lawsuit and obviously this isn’t pretty. You can read the entire story here. If you thought about signing up with Easy Forex, you probably want to read this first.

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Seems like Jason Kelly Didn´t Retire – BGBR around 0.40

Posted on 01. Jun, 2010 by Jakob.

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Now first of all I must admit that I am not really surprised. Last time I wrote about Jason Kelly, he had a stock pick for all his readers; BGBR. You can read my post about it here. Basically Jason (DayTradingRobot) was sending out his newsletter to pump up the price of BGBR. Back then when he was endorsing Big Bear Mining Corp. their shares were just around 1.23 and throughout the day it did spike up to some 1.40 before it dropped all the way back down. Jason promised all his readers the following back then “If BGBR does not triple in price over the next 4 weeks I will RETIRE as a stock picker”. When I look at my chart of BGBR it seems like it´s all time high was at 1.75 which is nowhere near the 3.69 it should have reached according to Jason´s promise. Not only is BGBR now back down at 0.40 but when it was hovering 1.00 Jason send us all another mail telling us about the importance of psychological support and some others reasons as to why BGBR was in a perfect spot to be bought. Obviously, it didn’t work out very well. However, as I suggested in my last post, this has not stopped Jason Kelly from sending us more “stock picks”. These are the last lines from an email I got a couple of days ago: Read more... (268 words, estimated 1:04 mins reading time)

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BGBR – Pump & Dump?

Posted on 19. Apr, 2010 by Jakob.

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Long time ago, I signed up with on a website called daytradingrobot; a site who´s owner claims to send out stock picks which will skyrocket after he calls them. Today I got an email from him (Jason) about his stock pick of 2010 – a small company called Big Bear Mining Corp. featured on OTCBB as BGBR. I have never really followed any of these promotions before, but as I was in front of my screen the entire day today, I decided to follow BGBR on Think or Swim. After all, Jason from Daytradingrobot wrote the following “If BGBR does not triple in price over the next 4 weeks I will RETIRE as a stock picker.” This guy is promoting stuff all year round, and BGBR is his latest target. BGBR started out around 1.23 on my chart when the US session started and it took off rather quick all the way up close to 1.40 and then it started to drop back down. It closed close to 10% higher than where it started this morning. Now it will be interesting to see what happens over the next four week. Will “Jason” be able to send enough mails out, to get the stock price to triple in less than four weeks? I have a feeling this will be a tough challenge, but somehow I am pretty sure that the team behind daytradingrobot will keep sending their “stock picks”, no matter what happens to BGBR. Earlier today I read over at Tim Sykes blog, that he is looking for a possible short trade on BGBR. If you don’t know, these kinds of setups are exactly what Timothy Sykes is looking for. Just for the fun of it, I have pasted the disclaimer from daytradingrobot in below. This should make an alarm bell ring guys. If you would like to get started with Pennystock trading, and think that daytradingrobot will make you rich, take a couple of hours off and read everything over at Timothysykes.com Read more... (609 words, estimated 2:26 mins reading time)

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MidnightForex – MetasignalForex – Vsasignal

Posted on 29. Mar, 2010 by Jakob.

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I have written about MidnightForex before, and how they suddenly disappeared after a couple of losing months. Now they are back again, sending emails and posting their results over at FX review forum. Now in the last couple of weeks I have received emails from two new “services” which I have never subscribed to before. Funny enough, these two new signal providers have a very similar model to MidnightForex. The two providers are MetaSignalForex and Vsasignal. If you look at their sites and read the details, you will see what I mean. All of them have “set and forget” systems, where the signals are send out around 24.00 GMT. All of them offer three different plans you can subscribe to. Prices for the three plans are almost equal for all the 3 providers. MignightForex and MetaSignalForex even has the same favicon. I am not saying that the guy behind MidnightForex (“Eric Manpur”), is also running MetaSignalForex and Vsasignal, but there are a lot of similarities. If you consider signing up with any of these “services” I highly recommend you read this thread first.

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Can you fake mt4stats?

Posted on 26. Mar, 2010 by Jakob.

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I think FAP Turbo was the first EA where you could see ”live results” from mt4stats, imbedded on the sales page. As FAP Turbo was selling like crazy, it is easy to understand why everyone else selling EA´s started to take the same approach. However, most of the time when you buy one of these EA´s which has shown incredible live results from mt4stats, they still manage to lose money consistently on your real trading account? How is the possible when you have seen amazing results from a long period of forward testing? Showing good results from forward testing is obviously a very good sales pitch, but I am yet to see any EA live up the results posted on any sales page. Over at the MQL 4 Forum, there is a pretty interesting discussion regarding the possibility to fake mt4stats results. This guy jjc is arguing that it is possible to do so, as long as there is a financial incentive to do so: Read more... (613 words, estimated 2:27 mins reading time)

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